Offshore Merchant Account Advantages
Consider all the advantages of opening an offshore merchant account and you'll soon realize that this one is a 'must have' for businesses. Once you do, no other merchant account will compare. Check out the top 6 advantages:
1) Lower Payment Processing Fees - All of your payments are processed in the foreign country, so they don't carry exorbitant fees while also passing on some savings to you.
2) Hidden Costs - There's more transparency within offshore accounts than what's offered domestically by banks. This means hidden fees are rare and transactions aren't blocked by extensive error monitoring systems with lengthy hold times.
3) International Sales - Offshore accounts allow businesses to process international sales. This opens up a huge market for your business. Customers from around the globe will be able to purchase from you, which can increase your sales significantly.
4) Faster Settlement - Settlements are processed daily, so you're not waiting weeks or months for money. The timeframes for settlement are also much quicker than many other merchant account types, like domestic ones, and it's a pleasure to see immediate refunds on chargebacks or disputes, so these don't take months of haggling with banks.
5) Low Operating Costs - Credit card processing is a costly process, which is why many businesses opt for electronic payment options, like e-check or wire transfers. That's not the case with offshore accounts, where there are no fees for using them. You'll also enjoy a much lower cost of doing business once you open an offshore account, because it's simply more cost-effective in the long run than other settlement methods.
6) No Fraud Losses - Reaching customers around the world can result in higher sales volume. There's also little chance that customers will try to fraudulently use your merchant account, as it's located in a faraway country and there are no credit card processing networks to steal from.
You can learn more about the advantages of opening an offshore account by visiting our online merchant account comparison tool , which will help you determine which type and type of account is right for your business.
On top of the advantages, offshore accounts are a highly recommended option for business owners, both because they're a much better value and a very convenient way to run your business. For more details, check out these 7 benefits:
New Merchant Accounts
'Castles in the Sky' These days there's a growing number of offshore merchant accounts with rates that are lower than what you'll receive here in the United States. Why? 'Cost of money' is the reason and, as I noted above, offshore accounts are a much better value.
There's little doubt that many businesses don't have the time to research these accounts, which is why I've put together this comprehensive list of top international merchant account providers . The ones I've included are all top rated and provide very competitive rates. If you're looking for a better rate, then check them out.
The other reason that many businesses sign up with an offshore account is because it gives you access to so many new markets that you otherwise might not have considered. I talk about the need to expand and seek out new markets in my free ebook. But, there's a unique opportunity for your business that you might not be considering: accepting credit cards internationally.
The fact is, many domestic businesses are missing out on some very lucrative opportunities because they don't accept credit cards outside their country. You see, by getting an offshore merchant account , you can accept credit cards in other countries at rates much lower than what you'll pay with a domestic account. Your customers will love it since they don't have to carry cash while abroad and can also find the items they want with greater ease, since foreign currencies are widely accepted.
The opportunities may be endless, but as you can see, offshore merchant accounts are a very attractive option that can put your business on a path to success.
Once you get your offshore merchant account , there are three main types of transactions that you'll accept: business-to-business (B2B), business-to-consumer (B2C), and consumer to consumer (C2C). To accept these transactions, you'll need to know how to use the terminal properly. These instructions will show you how:
Use Your Terminal Properly for Any Transaction
1) When accepting credit cards, always take the steps necessary to protect your customers' information and also your business from fraud.
2) The 3-D Secure process for accepting credit cards is very important, so know how to use it.
3) When setting up new transaction types, always review the details of those transactions and decide if they're acceptable for your business.
4) If you need to refund someone who hasn't paid yet, you can handle those situations through Payees Direct by e-mailing them a refund request. This will ensure that a refund goes out immediately and you don't have to worry about causing any financial problems.
Deposits And Withdrawals
1) When receiving deposits, get confirmation from the bank that they'll be arriving in your account regularly on a certain date, or frequency. If payments aren't received on time, open a claim with the bank and notify Payees Direct immediately.
2) When withdrawing funds, use a different account for each type of withdrawal. You'll also need to create alternate e-mail addresses that you use for these transactions. Customers can then send you requests directly through your merchant account and Payees Direct will send the request to the appropriate account. That way you don't have any one customer overload your accounts, because it's important to handle transactions as quickly as possible so that money is in your account as soon as possible.
3) If you have a limited supply of funds in your accounts, you can use Payees Direct's Instant Deposits service to get your money in a much quicker way than they would if they took a paper check.
Chargebacks and Refunds
1) If a chargeback is made on your business account, immediately close the account with that bank and open up another one with another bank.
2) Always get proof that any refund has gone back to the customer and that it hasn't been used in any way for the purpose of fraud.
Conclusion
There are a lot of online merchant account providers, and there are a lot of them that are good. But, there's only one that really matters: the one that you sign up with. Make sure you select a merchant account provider who has performed well in the past and is easy to deal with. As long as you follow the process correctly, then you'll be able to accept credit cards without any trouble.
Accepting credit cards can make your business grow and is an essential part of your business operation. If you want to learn how to do it the right way, then keep reading for more information on this topic...